Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to announce it has secured, through its newly created 100% wholly owned subsidiary Belo Lithium Mineracao Ltda. (“Belo”), an additional highly prospective tenement at the Company’s Salinas Lithium Project in Brazil (“Salinas” or the “Project”), expanding its footprint at the project to the east (Figure 1 and Appendix 1) to cover further known outcropping high-grade lithium spodumene bearing pegmatites.


HIGHLIGHTS
  • Latin Resources has secured an additional 50-hectare lithium tenement, to the east of its existing position, in the highly prospective Bananal Valley district in eastern Brazil.
  • The Monte Alto tenement area has known outcropping spodumene bearing pegmatites, grading up to 2.30% Li2O from recent surface sampling by Latin’s geology team.
  • Recent drilling on Latin’s existing tenure has confirmed the high-tenor lithium grades of the spodumene pegmatites in this region, with a peak grade of 3.22% Li2O in early drilling.
  • Latin will immediately relocate one of the two drilling rigs on site to the new Monte Alto tenement area to commence an initial 2,000m reconnaissance drilling program.
  • Latin’s lithium ground position has now expanded to over 5,350 hectares, with multiple drill targets defined within the prospective ‘lithium corridor’.

Latin has secured an exclusive and binding 12-month option agreement (“Option” or “Agreement”), over the new concession in the Bananal Valley (830.080/2022) from MSL Ltda. (the “Vendor”), whereby Latin may acquire a 100% interest in this tenement to the east of the Company’s existing Bananal Valley Project. This new highly prospective tenement, with known outcropping pegmatites containing high-grade lithium, expands Latin’s strategic land package to over 5,350 hectares in the newly defined Salinas lithium corridor.

Latin Resources’ Managing Director, Chris Gale, commented

“We are very pleased to have secured the Monte Alto tenement area, and we are very confident that this tenement contains additional drill ready high-grade lithium pegmatites. Our reconnaissance mapping and outcrop sampling of this area has shown that the grades of surface samples from these pegmatites are as high as those from our early sampling to the west where we are currently drilling.”

“The Monte Alto tenement is a priority drill target area for us, so we will be mobilising one of our two diamond rigs immediately to this area to commence drilling. We have planned 2,000m initially, with a second phase of follow-up, step out drilling already proposed. This new area now puts us well and truly in the driver’s seat to produce more compelling drilling results to achieve our objective of a JORC resource. We are also looking forward to receiving the assay results on holes three and four over the next week.”

Click here for the full ASX Release

This article includes content from Latin Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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